Capital Com MENA Securities Trading LLC is regulated by the Capital Market Authority.
Open platformOpen platform

Ray-Ban heir drops bid for critical Italian daily after due diligence request rejected

By Reuters News

ROME, Oct 29 (Reuters) - Leonardo Maria Del Vecchio, an heir to the late founder of Ray-Ban maker EssilorLuxottica ESLX.PA, said on Thursday he did not currently intend to launch a bid for Italian newspaper Il Fatto Quotidiano SEIFT.MI, after failing to obtain the information needed for a full assessment of the company.

  • The 31-year-old already has significant media holdings in Italy through his indebted holding company LMDV, among which a 30% stake in the Il Giornale daily, formerly owned by the Berlusconi family

  • LMDV said it had taken note of SEIF's board decision to reject its request for a confirmatory due diligence, as well as of the founding shareholders' intention not to tender their shares to the proposed offer

  • The founders' refusal makes it impossible to reach the 82.9% voting-capital threshold that LMDV Media had set as a condition for the bid to become effective, it said

  • On October 25, LMDV Media indicated a price of 0.286 euros per SEIF share for the potential tender offer, valuing the deal at around 7.15 million euros ($7.97 million).


($1 = 0.8971 euros)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.